Shah Capital Partners Agrees to Purchase Magellan
Previously we told you about the offer from Shah Capital to buy Magellan from Thales. We received word today that a purchase agreement has been signed so it looks like Magellan will indeed change hands.
The sale is expected to be completed before October. The company will not change names and will continue to be known by the strong Magellan brand. The new company will be located in San Dimas, California.
Shah Capital investors include Tudor Group, Galleon Group, Consolidated Press Holdings, AIG SunAmerica, and Eli Broad.
“We are excited to work with such an industry leader in the high-growth navigation market,” said Ajay Shah, managing partner of SCP. “Thales Navigation is well positioned with a number of core strengths, including leadership positions in both consumer and commercial markets, the strength of the Magellan brand, pervasive retail distribution, and a strong technology portfolio. We are looking forward to working with the management team to build on these successes and continue the growth of the business as demand for navigation technology continues to expand.”
[...] What most people know as Magellan, which is actually Thales Navigation, has been sold to an investment group led by Shah Capital Partners. The new company will be known as…. Magellan. The sale was completed today for $170 million plus considerations. Other investors include Tudor Group, Galleon Group, Consolidated Press Holdings, AIG SunAmerica, and Eli Broad. We’ve talked previously about the Shah Capital purchase of Magellan. [...]